Bogoljubow’s psychological trick

From Prager Tagblatt, 13 August 1933:

Played in the 15th and last round of the German Championship on 11 July 1933 at Bad Pyrmont.

Jakob Adolf Seitz – Efim Bogoljubow
Notes by Seitz
1. d4 Nf6 2. Nf3 b5
Half Indian, half Polish. Sämisch played like this against Thomas at the 1925 Marienbad tournament.
3. a4 b4 4. g3 Bb7 5. Bg2 e6 6. O-O c5 7. c4 Be7 8. d5
This move is seen in similar positions, not only in the Queen’s Indian defenses but also in the Dutch defense. The pawn is usually only sacrificed temporarily.
8… exd5 9. Nh4 d6 10. Nf5 O-O 11. Re1
A somewhat odd-looking move which, however, is positionally justified.
11… Nbd7 12. Bf4

Bogoljubow gave this move a huge question mark on his score sheet. Maybe he worships the materialistic chess view – indeed the move gives up on recovering the pawn – or maybe he wanted to intimidate his opponent. (Seitz and Bogoljubow knew each other well. Seitz was Bogoljubow’s second at Moscow 1925. Ed.)
12… Nb6 13. b3 a5
To stop a4-a5.
14. Nd2 Ra7!
A fine unpinning maneuver which also covers Be7 an extra time.
15. e4!
This ingenious move cost my Grandmaster opponent a lot of time on the clock. Indeed the position is still unclear.
15… dxe4
After 15… dxc4 White would get pressure against d6. Maybe 15… d4 was better, but then White would have fine attacking play.
16. Bg5 Nfd5
A brilliant freeing attempt.
17. Nxe7+ Nxe7 18. Nxe4 Bxe4 19. Bxe4 h6 20. Qh5 Nbc8 21. Rad1

21… f5?
Loses immediately, but the white attack was already very strong.
22. Bd5+ Kh7 23. Re6
Threatening a brutal mate beginning with Rxh6+. Instead of resigning, a queen sacrifice happens.
23… Nxd5 24. Bxd8 Nc3 25. Rde1 Raf7 26. Qg6+ Kg8 27. Be7 Nxe7 28. Rxe7 Ne4 29. Rxf7 Rxf7 30. f3 Nf6 31. Qxf5 Rd7 32. g4 Kf7
And at the same time, Bogoljubow stopped the clock. Further material loss would be unavoidable. A difficult struggle!